TAMPA, FL –Barclay Square, a 99,000-square foot grocery-anchored shopping center in Largo, FL has traded for $10.8 million. A 42,000-square-foot Walmart Neighborhood Market anchors the retail center.
The Shopping Center Group represented the seller, EDENS. The buyer is an affiliate of The Sterling Organization.
“Walmart Neighborhood Market is a relatively new concept that is picking up a great deal of steam throughout the southeastern United States,” Anthony Blanco, director of investment sales at The Shopping Center Group, tells GlobeSt.com. “This is the third Walmart Neighborhood Market-anchored center that has sold this year in Florida and while everyone has a great deal of comfort for their credit, the capital markets have responded exceptionally well to them as an operator.”
Built in 1988 and renovated in 2008, Barclay Square is 82% leased with a tenant roster that also includes Tuesday Morning, Beef ‘O’ Brady’s, H&R Block, and Goodyear Tires. Since Walmart Neighborhood Market first leased the former Kash N’ Karry space in 2009, consumer traffic to Barclay Square has steadily increased.
“The property also serves a very dense, in-fill and partly captive trade area and it provided some value enhancement opportunity to the buyer through the lease up of some vacancies,” Blanco says. Pinellas County boasts about 3,300 residents per square mile, making it Florida’s most densely populated county. One of the largest cities in Pinellas, Largo is home to middle to upper-middle income working families as well as retirees.
“The Florida retail market continues to improve with increased occupancy and higher rental rates,” explains Blanco. “This positive movement combined with improved pricing and a very liquid debt market with historically low interest rates, positions the investment sales market for continued velocity. As institutions remain focused on ultra-core properties, private investors continue to seek value-add opportunities, creating a balanced approach to the market.”
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